Eb-20 (similar 16) A More Info Assume that Smooth Sailing Tire Store completed the following perpetual inventory transactions for a line of tires: (Click the icon to view the transactions.) Read the requirements Jul 1 Beginning merchandise inventory 11 Purchase 23 Sale 26 Purchase Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul, 1 20 tiress 63 each 12 tires@s 87 each 18 tires @ $ 90 each 14 tires @ $ 90 each 15 tiress 93 eich 29 Sale Print Done 11 Requirements 23 1. 20 2. Compute cost of goods sold and gross profit using the FIFO inventory costing method Compute cost of goods sold and gross profit using the LIFO inventory costing method Compute cost of goods sold and gross profit using the weighted average inventory costing method. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar) Which method results in the largest gross profit, and why? 3 20 4 Enter any number in the edit fields and then click Check Answer Print Done Clear A 6 parts remaining -$ 90 od 1 # 3 $ 4 % 5 A 6 & 7 9 8 2 P 3 U R E T Q Y